The exploration sector has got tremendous attention from investors from all over the place over the course of the past months and for good reason too. The prices of commodities have been volatile and that particular state of affairs provided the perfect opportunity for enterprising companies to boost their earnings in a big way. Hence, it is only natural for these companies to draw the attention of investors.
Investors who are still looking to get into stocks in the exploration sector have plenty of options to choose from and one of those may well be the Brookmount Explorations Inc (OTCMKTS:BMXI) stock.
On Wednesday, BMXI stock gained 0.66% to $0.0350 with more than 493K shares, compared to its average volume of 325K shares. The stock moved within a range of $0.0329 – 0.0386 after opening trading at $0.0356.
About The Company
The company is involved in gold properties in the Republic of Indonesia. However, it is based out of Los Angeles, California. This article provides you a fairly detailed glimpse into some of the latest developments with regards to Brookmount Explorations that could have a bearing on the stock.
Brookmount Gold Corp. Announces Production Plan for Canadian Gold Project
The company was actually in the news yesterday after it was announced that the Board of Directors at Brookmount Explorations confirmed that it had provided the much needed approval for the commencement of site preparation of its property in Yukon, Canada would start this Month. It was further noted that initial production in the form of a bulk sampling run is going to be made available by December this year.
However, that was not all. The board of directors further confirmed that after the refining and processing of the initial bulk samples from the site, further production work is going to be boosted in the first quarter of the next year. During the course of 2023 Brookmount Explorations is looking to move into fully fledged production activities at the site.
The Chief Executive Officer of Brookmount Explorations, Nils Ollquist, spoke about the latest development as well. He noted that he was pleased at the efforts that had been put in by the North American Operations team at the company and went on to note that if the initial bulk samples are made available by December this year then it would count for a significant milestone.
More importantly, he added that it would represent the first gold production for the company in North America. The CEO noted that the gold that is going to be produced from the site is going to be refined to the highest levels so that it could be classified as investment grade. The company seeks to use the gold for making bullion and coins, which can be of use to investors.
Brookmount Explorations, Inc. Financial Results Commentary and Shareholder Update
Earlier on in the year on May 11, the company had also announced its financial results for the quarter that had ended on February 28, 2022. The performance from Brookmount Explorations proved to be quite strong as it ended up turning a net profit to the tune of as much as $1.9 million. In the prior period, it had made a net profit of $1.3 million and hence, it represented a year on year growth to the tune of 40%. On the other hand, revenues for the period came in at $4 million, which represented year on year rise of 25%.
BMXI stock is trading below the 20-Day and 50-Day Moving averages of $0.0382 and $0.0431 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.2146. The company has a total market capitalization of $3.60 million. The stock is down 76% over the past 6-month.